All Forum Posts by: Jeffrey H.

@Eric James Everyone has their own definition of a good return.  I can sell my seasoned note in a few months for 65-70K.  What kind of deals are you doing?

I have walked away from deals because of poor test ads.  And the logic I use is simple: better to know the market and walk away when needed than to buy a property with lots I can't (reasonably) fill.  

Do I feel bad someone spent 10 seconds texting a burner number saying they are interested?  Not really.  They will get the chance to apply for one of my future homes after I close the deal.

It's my recommendation nobody put a large investment at risk without this information.

I did one last year in a small town of 500 (no zoning ordinance) with city utilities.  Here is how it looked:

1. Land - 6K (from a direct mailout)
2. 1999 76x16 - 3K
3. Move and setup 150 miles - 4K
4. Water / sewer taps - 2K
5. Porch - 1K
6. New 3.5 Ton HVAC - 3K
7. Home Rehab - 15K

I was all in around 37K, then Seller Financed for 50K over 10 years.  It's working out well and the monthly payments are basically the market rent rates ($750 per month).  In my case I retired the mobile home title to the land.  I thought about lot rent but it's a weird model when it's just one lot.  The land is what makes these deals desirable for buyers.

Platting plans sounds suspicious to me too.  The county might want this, but the city should not have their grubby hands in these details.  I would get more information why and how they use this information to understand how that lines up with their authority.

Keep asking questions and you will get to the bottom of it!

I did a deal in Montgomery, TX where the city claimed they had zoning authority in the ETJ when they did not.  There can be instances where the county waives their "subdivision" rights to the city in the ETJ, but that's as far as it goes.  Get a good real estate attorney if you are serious about working out the details.  That's what I did and the city ended up adjusting their Zoning Ordinance.

This is state law - counties / cities regularly overstep their authority to advance their agenda where they cannot / should not.

If this was a HUD home the tag should be "stamped" into the foremost crossmember and would be quite obvious (e.g. I believe 3/8 inch in size usually). If you're looking at the right spot I wonder if this is a pre-HUD home...it shouldn't look like anything is scratched in.

You should consider painting the shed.  It would be a Win-Win for everyone, 

@Johnny Win! :)

@Sam Adcock most banks will not appraise the home rent component into the valuation, and as a result would not get financed.  This is why you just give an individual flat fee price for each Park Owned Home instead.

I think this Park should be listed for around 430K.

Assuming a 40% expense ratio and $200 lot rent * 31 units using a 60 multiplier gets you 375K more or less.  Then for the POH guessing 5K blended average value * 13 units for another 65K.

This is the back of the envelope calculation, and you have not told us anything about the condition of the infrastructure, or the likelihood you will have to evict a lot of the TOH residents and potentially purchase / rehab their homes to get them filled with proper tenants.  A lot of variables, but you have to start somewhere...

Good luck!

I get very good quality vinyl plank for $1 per foot when getting surplus on Craigslist.  I put it throughout the whole home, and have never had any trouble with it.

Here is one I did on a 1978 doublewide.